Author: Brenda Marie Rivers|| Date Published: July 2, 2020
Unmanned aerial system provider UAS Drone has acquired Duke Robotics for an undisclosed sum as both companies aim to expand footprints in the military sector.
The combined entity seeks to offer defense agencies the TIKAD octocopter that is equipped with a robotic gimbal technology and designed to fire lightweight weapons, Duke Robotics said Wednesday.
TIKAD uses kinematic algorithms meant to help warfighters defeat remote targets in real time without endangering ground-based personnel.
Duke Robotics noted its senior leadership will serve in key management positions at the combined company and that a board of directors has been established upon closing of the deal.
UAS Drone purchased all of Duke Robotics’ outstanding capital stock in exchange for the former's common shares that were issued to the latter’s shareholders and valued at an amount equivalent to 71 percent of post-transaction cap.
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